Daily Outlook: Overall its been a good week of trading. Stood aside yesterday in the EUR/USD signal and will stand aside again today as the market chops around, looking for direction. Plus its Friday and I just generally stay away from Fridays.
In a nutshell investors are scared of lots of different markets right now so they are trying to figure out the best place to put there money. When that happens it will either benefit the USD or it won’t – we’ll wait for the charts to tell us. I’m short term bullish for the moment (if you are watching candlesticks entries) while eyeing a medium term resumption of the downtrend but, again, I’m not going to assume anything. I’ll let the charts give me direction.
As always check the candlesticks in CP for intraday trading opps and watch out for news events on the forex calendar.
P.S. I’ll be releasing Part 2 of the CP strategies article this weekend which should be a good one. Also I’ll most likely be opening up CandlePro to more registrations next week. More on that Monday!
Trading Idea: I’m standing aside this Friday (as usual) to avoid the choppy markets, but for those risky souls out there my primary trade would be to wait for a short to develop higher up around 1.2800, with confirmation. Short targets from 1.2800 at 1.2775, 1.2745, 1.2715 and 1.2685 for 115 pips profit.
An aggressive long is basically to wait for a bullish candlestick along the bottom of the rising trend support (see black bottom line on my chart above) and to keep riding them up until 1.2790 or so.
Happy Pipping everyone and see you on Monday!
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August 27, 2010 at 05:59
good morning @piphut thx for the help you give us every day
August 27, 2010 at 06:01
morning @radulapadat, glad to help
August 27, 2010 at 06:25
Morning Mark. Thx for the signal.
August 27, 2010 at 06:27
hahaha r u kidding man… waiting for downtrend. lol u must be kidding
August 27, 2010 at 06:40
I have not received a ok to post on the forums yet?
August 27, 2010 at 06:52
@piphut Thanks, Mark.
Caution is in the air. This market(E$) has made me uneasy
for the last 24 hours.
This must be how a submariner feels when he knows there are
depth charges around that might blow up at any moment.
Looking forward to the new CP additions.
A reminder to new members: This is a Markism, “It is better
to miss a trade than miss your equity.”
August 27, 2010 at 07:45
Where is everyone that used to be here? Johnny etc?
August 27, 2010 at 07:52
Johnny was here briefly yesterday. We hope to soon have me back in the forum just for him that God will help sort out his legal challenges. others drop in once in a while becasue they now major of the pro chat room. CP They have all eloped with CP!! Haha
August 27, 2010 at 08:09
Johnny will be back. Can’t keep a good man down.
August 27, 2010 at 08:30
thanks mark, waiting is a good term to use at the moment. The market is just treading water at the moment. Something has to give. There has to be a breakout soon or we will all go crazy.
August 27, 2010 at 08:38
hi all.just going to observe now…
August 27, 2010 at 08:40
just watching…
August 27, 2010 at 08:43
short term trend forecast bull but long term is still bearish. Best setup for now is to STAY OUT
August 27, 2010 at 08:45
FALLING WEDGE FORMATION ON h1 IS INDICATING SHORT.
August 27, 2010 at 11:03
Kayode,
bcos of nepa i couldnt connect to repply to ur cos i saw ur reply regarding assistant i secure frm u. Thank for ur effort. Anyway hw can i link u without this forum?
Kamaru
August 27, 2010 at 11:11
Hello Friend, u can reach me by visiting my site http://www.merkysolutions.com use he contact page to start with. Posting your email publicly here can attract spam and junk to you box hope u understand me. Cheers
August 27, 2010 at 12:22
kayus, thanks for all these posts man … now very less people post here …..looking forward to experienced traders like u to help us newbies out!! :)
August 27, 2010 at 16:16
Tnx for the compliment, we are all still learning everyday. MArk is a wonderful inspiration and others like Johny, Zubair, Ttom and others are all wonderful. Together we shall improve on our pips earning strategies. GL T think 1.27 is todays resistance if u are not scalping i think it is better to just wait till next week. There may be an opening gap to start the week ahead, so trade smart if u dont have guarranteed stops. Cheers
August 27, 2010 at 10:06
Hello everybody, choppy market it has been coupled with 2day being friday. Plenty of care 2 be taken but good scalping ground for scalpers. If u are no scalper, live to trade again. Goodluck.
August 27, 2010 at 10:47
how are you in the area
August 27, 2010 at 11:13
Hi How are u enjoying the CP is it of help in times ;ike this? indecision everywhere!
August 27, 2010 at 11:28
this morning yes but nice sclping bween 2690 and 2730
August 27, 2010 at 11:36
I think AUDUSD is worth to watch …
August 27, 2010 at 11:53
hey all, a very interesting article i found recently, “CBO Estimates Stimulus Boosted Q2 GDP By 4.5%, Standalone Number Is Likely Under Around -3.5%”
http://www.zerohedge.com/article/cbo-estimates-stimulus-boosted-q2-gdp-45-standalone-number-likely-under-around-35
August 27, 2010 at 12:16
nice my friend!!
August 27, 2010 at 12:23
Interesting article. Let’s wait and see. http://www.forexyard.com/blog/en/2010/08/27/u-s-prelim-gdp-figure-may-drive-dollar-up/
August 27, 2010 at 13:05
Not much reaction after the data, looks like we’ll have to wait for Ben, but this should be a bullish day.
August 27, 2010 at 14:00
Yup..no reaction. Looks like bad GBP news, but some good USD news. If the market is supposed to react right… it should be BEARS for EurUSD.
But we know everyone is waiting for the speech. And speeches are the worst news event because you don’t have minutes until it suddenly pops up.
August 27, 2010 at 14:01
Suddenly… LIKE NOW!!!! LOL. EU just tanked a good slice.
August 27, 2010 at 13:23
1.5491 – month support
1.5424 – week support
1.5542 – day resistance
August 27, 2010 at 13:31
GU
August 27, 2010 at 13:54
been few days very choppy :S
well better get out rather been sorry
August 27, 2010 at 14:08
looks like all the bulls went home early today
August 27, 2010 at 14:31
Happy weekend everyone
August 27, 2010 at 15:26
it looks like the bulls came back. we may be looking 1.2900
August 27, 2010 at 15:29
i think that the fact the Chairman of the Federal Reserve is willing to ‘resist deflation ” is giving traders the appetite to take on risky assets such as Euro, Pound
August 27, 2010 at 15:44
absolutely, the idea of “fighting deflation” sounds a whole lot like “weak dollar” to me. Bernanke will walk a fine line of not triggering hyper-inflation too
August 27, 2010 at 15:36
Well…not hing much happened. I was excited on a LONG on USDCHF there…. EU seemed to tank.
But I didn’t hit my TP…and ended up with only 1.5 pip profit.
It was a choppy one for sure.
August 27, 2010 at 15:41
this why news trading can be very difficult, first the price fell very sharply. then it rose, then it fell and now it looks like it will challenge 1.2800
Fridays
August 27, 2010 at 15:45
can any one on CP help me by saying what sort of signals CP gave today regarding the EUR/USD and if these were at accurate
August 27, 2010 at 15:50
@piphut
how did CP perform today regarding the EUR/USD movements. did it correctly pick forecast the sharp drop and then the sharp rise?
August 27, 2010 at 15:59
http://img227.imageshack.us/img227/9114/screenshot009f.png
if you didn’t enter on the first one the second provided nice confirmation for 60 pips or so.
August 27, 2010 at 16:12
is primary trade still valid here
August 27, 2010 at 16:14
I wouldn’t recommend it. It’s Friday, nearing the end of the day and we just saw some massive bullish strength
August 27, 2010 at 16:14
Always looking forward your analysis..Looks like it 12800 is about to hit…next week gonna be strong sell.
August 27, 2010 at 16:35
..or break through and go to 1.2900.
August 27, 2010 at 19:25
d trend will surely go either way like MArk said it is better to allow the chart to lead the way than to become predictive
August 27, 2010 at 21:01
Hi there my friend Kayus, how are you. I guess its obvious which way we’re heading :-) (As I mentioned yesterday)
Via a friend of mine I have two Longs open (E/U & E/J) and let them ride into the weekend. Lets see :-)
Good luck and hope more in here by next week.
Take good care and have a nice weekend.
@MIKE Thanks, appreciate your yesterdays posting. (Dont drink to much Vodka in the weekend :-))
August 27, 2010 at 16:19
ok thanks
August 29, 2010 at 16:59
pivot daily 1.2738;;;;;R1.2.3 2801….2841….2904 S1.2.3………26980…2635….2595………………fib 4h….(back to 29-07-2010( high 6 august low 24 august )…..23;6…38…50…61…(2776 .2882…2969….3055)……
August 30, 2010 at 05:06
EURUSD remains in downtrend from 1.3333, and the bounce from 1.2587 is treated as consolidation of downtrend. Resistance is at the upper border of the falling price channel, as long as the channel resistance holds, downtrend is expected to continue and next target would be at 1.2500 area. However, a clear break above the channel resistance will indicate that a cycle bottom is being formed on 4-hour chart, then further rise towards 1.2921 key resistance could be seen.
August 30, 2010 at 05:30
Good morning and good afternoon all Piphutters out there. Start of a new day and a new week; for all those who lost pips so far here’s wishing them all regain all those thru the day and week!
August 30, 2010 at 06:01
@pipsqueek – Hi there that’s a good analysis as far the trend, because the fibo on the daily chart has broken the 50% level traveling south and should reach the golden ratio of 61.8% (at 1.24). What’s your take on this or what do you see here? Thank you.
August 30, 2010 at 07:30
@all – Have we received Mark’s signals for the day as yet?
August 30, 2010 at 07:46
@LUCKYVIVA Yes, Its p(l)ain to see where we are heading I guess :) Anyway, E/J hit my TP last night.
And about E/U, as long as my little Bully is around and we wont dive below 2700 I think we may see 2800 and eventually 2900 soon to follow. Big Fat Bertha, the Ole German Choo-Choo is moving slow I know, but it steadily take’s us north :-)
Just my personal view, lets see.
Good luck, I am out of here. Catch you later (If possible)
August 30, 2010 at 08:01
Hi Johnny, how’s life? Wish you all the best and good luck to everybody. I’m bullish too, entered long @ 1.2718 where my favorite EMA60 lies on 1H. I’m gonna stay that way until a new candle opens below or a nice profit comes in. GL!
August 30, 2010 at 09:16
Good to see you again Johnny.People started worrying about you.
I wish I could look north,but so far I see two Fibo rejections on 4h and daily.Looks bearish to me,but since there are no news coming out for Euro today anything is possible.Probably more rangebound ahead.
If it breaks 1.26 I will definetly be looking for shorts
August 30, 2010 at 07:33
Is there a signal today???
August 30, 2010 at 08:50
somebody can awakes Mark?